In This Story
Cibus Inc. (CBUS-1.37%) has submitted its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The report details Cibus' financial performance, including a net loss of $282.7 million for the year. The company reported revenue of $4.3 million, an increase from $1.8 million in the previous year, attributed to collaboration agreements related to contract research.
Research and development expenses increased to $50.4 million, reflecting the acquisition of Cibus Global and associated costs. Selling, general, and administrative expenses rose to $30.8 million due to increased headcount and professional fees.
Cibus recognized an impairment of $181.4 million related to goodwill, following a decline in the company's stock price. This impairment was recorded during the third quarter of 2024.
The company reported cash and cash equivalents of $14.4 million as of December 31, 2024, with current liabilities totaling $19.9 million.
Cibus continues to focus on its proprietary gene editing platform, the Rapid Trait Development System™, to develop plant traits for major agricultural crops. The company aims to address productivity, profitability, sustainability, and yield challenges in farming.
The filing also notes the company's efforts to reduce costs, including a restructuring initiative announced in October 2024, which involved a reduction in workforce and other cost-saving measures.
Cibus acknowledges the need for additional financing to support its operations and has raised capital through various offerings, including an ATM facility and registered direct offerings.
The company highlights the risks associated with its business, including competition, regulatory changes, and the need for additional capital to continue operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Cibus Inc. annual 10-K report dated March 20, 2025. To report an error, please email earnings@qz.com.